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Saturday, October 16, 2010
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16 comments:
hello friends!
i have been an occasional lurker since we settled into our new home, whose acquisition i still credit to the fabulous advice i found here. thank you again for everything.
i have a question regarding all the financial news about the foreclosure process:
i still get updates via email about the local housing market (manassas). so i still stumble across outrageous examples of bubble excess (ex. house sells for $400K 6/2, then for $560K 6/22).
as an outsider, i look at these by the hundreds, and think "the banks must have known this was nonsense." now that the paper trails might be reexamined minutely, is it possible all those old transactions will be viewed as fraud, rather than stupidity?
(i know this is a poorly-worded question, but i am typing while nursing the new baby, so my brain is not quite there.)
just curious as to the opinions of the geniuses here: what is the worst-case scenario?
http://franklymls.com/dynamicHtmlGen.aspx?Id=FX7364622
sold in 2006 for 365K, now listed at 199K
technically it's part of immunandria.
Blogger contrarian said...What do you think happens in a country when the citizens realize they don't need to pay their debts?"
For here? No one really knows. Most of us here on the blog will fall into three general silos:
Those that think nothing of significant magnitude or consequence will happen...
Those that think it's a TEOTWAWKI event....
Those that try to figure out how to make a buck off of it either way it swings.
Interesting property in an area and range I follow, Pat. A little out of your uusal stomping grounds, though, isn't it?
Update on our current offer for anyone interested:
The owners' agent told our agent that the owners were out of town this weekend and wouldn't be back to make a decision on our offer until late Sunday night. It could be true, but I'm guessing they just wanted a full weekend at the new price to try to drum up competition before responding to us. Apparently he also asked our agent if we could come in 5k higher, to which she replied, "I'd have to ask them about that. Why, is that what you're going to counter us with?" I like the way our agent negotiates. She says we should get something from them on Monday.
Cara-
Congrats!!! I am glad all is going well.
Contrarian-
Do you actually believe any of the articles you post. $45 Trillion in Fraud. You do realize that there are only ~$11T in mortgages in the entire country. So by believing the post and talking about it you are assuming that the fraud on mortgages is not only on every single mortgage in the country but has 4x the cost of the total mortgage...
contrarian-
I stopped about 2/3rds of the way through the first time. The points are so absurd that I just couldn't take listening to the rest of it. I just finished watching the rest of the video and stick with my original comments that the people have no idea about what they are talking about. They assume no one knows who owns houses. Sure there are some houses they can't prove who the owners are, but this is the exception the rule.
They keep on making it sound like the banks are these evil monsters that are charging people more than they owe. I agree this has happened a few times, but the vast vast majority of the time the banks are charging the correct amount and both the homeowner and the bank agree with the payments.
HB,
They also assume that no one can track down the paper trail, which is absurd. Sure maybe a hastily hired temp with no experience will screw something up, but you can bet that if the bank is suddenly faced with 10's of millions of dollars in losses they'll not hire a temp, but a fully qualified forensic accountant to protect their interests.
This is the problem with Contrarian, he preaches the doom and gloom scenario as if this entire thing can happen in a vacuum. In won't, even if worst case comes about on a few homes, the banks will fix their mistakes for the bulk of their business.
My $0.02
Hi Tabitha!
Did you have a new baby? Congrats!
Meshell, hello! How are things?
Yes, we had a new baby, at home, precisely one year after we moved in. It was perfect, heavenly.
As you can see, I just can't completely kick my housing news habit ;)
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